Web3 firm AIITONE rebrands as BU Technology, adding new business objectives

Japanese Banking Giant Joins Tech Firms to Build Cross-Chain Stablecoin InfrastructureA major Japanese banking group has initiated a collaboration with technology companies to develop cross-chain infrastructure, according to a press release. The purpose of establishing a cross-chain system is to facilitate the trading of stablecoins across various public blockchains.Photo by Takashi Miyazaki on UnsplashThree companies team upIn this collaborative partnership, the Mitsubishi UFJ Financial Group (MUFG), the key developer of the stablecoin issuance management platform Progmat Coin, will join forces with Datachain, a cross-chain technology firm, and TOKI FZCO, which has global plans for providing cross-chain bridges. Together, they will work towards constructing infrastructure that enables cross-chain transactions involving stablecoins on different blockchain networks.Japan’s new regulatory boostWith the implementation of the revised Payment Services Act in Japan this year, companies completing the license registration process will gain the ability to issue and distribute various stablecoins on Progmat Coin. Furthermore, it is expected that stablecoins will be issued across different blockchains, including Ethereum.TOKI is currently in the process of developing a cross-chain bridge with the aim of introducing it this year. The cross-chain bridge developed by TOKI leverages blockchain intercommunication technologies such as the Inter-Blockchain Communication Protocol (IBC) or Datachain’s Light Client Proxy (LCP). These technologies ensure a high level of security and scalability for cross-chain transactions. Additionally, TOKI’s bridge boasts a highly efficient liquidity mechanism.The three companies strive to cooperate on this infrastructure project with an aim to launch it in the second quarter of next year.Government supportA couple of days ago, the Tokyo Metropolitan Government took a proactive step to support security token businesses based in Tokyo by offering subsidies. Given that both MUFG and Datachain are Tokyo-based companies, it appears that the Japanese government’s initiatives are beginning to yield positive results.

Incheon Partners with Daehong to Implement Web3-Driven Urban Marketing StrategyIncheon Metropolitan City, renowned for its international airport in South Korea, has partnered with Daehong Communications, a marketing solutions subsidiary of the country’s retail giant Lotte Group, to leverage Web3 technology for the purpose of promoting the city.Daehong has established an extensive global network within the blockchain industry. Among its notable partners are layer 1 blockchain Aptos, Metaverse company Animoca Brands, and decentralized social protocol CyberConnect. One of Daehong’s primary initiatives is the NFT project associated with Bellygom, a pink bear character of Lotte Homeshopping, a media commerce affiliate of Lotte Group.Photo by Daesun Kim on UnsplashHarnessing blockchain for city promotionThrough this collaborative effort, Incheon aims to harness blockchain technology to explore innovative ways of promoting the city and building stronger connections with its residents.Incheon has recently been very dedicated to Web3 initiatives in promoting the city. Last month, it worked with The Sandbox, the virtual gaming platform of Animoca Brands, to create a metaverse representation of the Incheon Landing Operation to commemorate the 70th anniversary of the Korean War Armistice Agreement. More recently, the city unveiled its NFT membership program named “Incheon Heroes,” demonstrating its commitment to pioneering its unique path in the era of Web3.Daehong’s role in Web3 adoptionIn the private sector, Daehong has been working towards the widespread adoption of Web3. The marketing firm introduced business models that integrate NFTs into areas that have significant public engagement, such as ticketing, memberships, and brand characters. Daehong has been actively working to facilitate many brands’ entry into the Web3 space.Lee Se-woong, Brand Manager of Incheon City, anticipates that the collaboration with Daehong will serve as a fresh catalyst for Incheon, expressing excitement about the potential synergies between Incheon’s public infrastructure and Daehong’s industrial expertise.Incheon is set to initiate a range of projects by leveraging the Incheon Heroes NFT membership program and the Incheon Universe, a virtual space that allows visitors to immerse themselves in various facets of the city. Furthermore, the city is in the process of establishing collaborations with enterprises, brands, and artists who share a common interest in promoting the sustainability of both the planet Earth and the city itself.

In response to U.S. President Donald Trump’s imposition of tariffs on foreign imports into the United States, Singapore-based and Nasdaq-listed Bitdeer has pivoted in an effort to handle this latest challenge. In a discussion with Bloomberg, Jeff LaBerge, the company’s head of capital markets and strategic initiatives, said that rather than concentrating on sales and exporting crypto mining rigs, the company plans to utilize those rigs itself within its own mining operations.Photo by Traxer on UnsplashLaBerge stated: “Our plan going forward is to prioritize our self-mining.” 90-day windowThe company is also planning to take advantage of a 90-day tariff suspension period that the Trump administration put in place earlier this month, to ship mining machines from Southeast Asia to the United States.  In tandem with this short-term push on U.S. exports, it is expected that miners will focus on buying hardware during this time. Jaran Mellerud, CEO of Hashlabs Mining, told Cointelegraph last week that in the short term, there is likely to be a spike in mining rig imports into the U.S. Some reports have suggested that U.S.-based mining firms have chartered flights in an effort to quickly import mining equipment and avoid tariffs of up to 104%. Additional capital overheads for U.S. minersOver the longer term, the crypto mining services company CEO believes that tariffs will hurt U.S.-based miners, increasing their capital costs to a greater extent than in the case of overseas-based mining operations. Earlier this month Kristian Csepcsar, chief marketing officer (CMO) at Bitcoin mining technology firm, Braiins, similarly claimed that Trump administration tariff policy would likely harm domestic mining companies, while benefiting those located in regions such as Russia and Kazakhstan.  In another effort to deal with the challenge of tariffs on its products entering the United States, Bitdeer anticipates that it will begin production of its mining equipment in the U.S. sometime during H2 2025. Much has changed for the Singapore-based firm over the course of a short period of time. A month ago LaBerge told CoinDesk about its efforts to challenge the leading ASIC Bitcoin mining equipment manufacturers, Bitmain and MicroBT. He said that Bitdeer wants to become “the top player in the market,” while believing that it has the technology and know-how to do so. Challenging market conditionsEven before this tariff war bubbled over recently, the environment for Bitcoin miners was already proving to be difficult. Miners had been selling off Bitcoin reserves in recent weeks, taking profits while anticipating lower Bitcoin prices in the near future. American multinational financial services firm JPMorgan estimated recently that the market cap of the 14 U.S.-listed Bitcoin miners had fallen by 25% in March, writing off $6 billion in value in what was the third worst month for miners on record. Last month Bernstein analysts cut their 2025 price targets for a range of publicly-listed Bitcoin miners. Miners have been adapting to their business environment by upgrading equipment, cutting costs and diversifying into AI data hosting.